Provides for a financial exploitation prevention outreach, education and training program and fund; authorizes the director of the office of the aging to award grants to qualified agencies to establish local elderly exploitation, outreach, education and training programs; outlines elements of such program.
TITLE OF BILL: An act to amend the elder law, in relation to financial exploitation of the elderly and to amend the state finance law, in relation to creating the financial exploitation outreach, education and training fund
PURPOSE OR GENERAL IDEA OF THE BILL: To protect the elderly from financial exploitation through educational programs.
SUMMARY OF PROVISIONS: Section 1. Amends the Elder Law, Section 202 by adding a new subdivision 16. Provides that the State Office for the Acing shall conduct outreach, education and training programs for financial institutions.
Section 2. Amends the Elder Law by adding a new section 219-a. Creates the Financial Exploitation, Outreach, Education and Training Program to be administered by the New York State Office for the Aging. Describes the activities and of such program. Authorizes the Director to convene and advisory committee to be comprised of at least ten but no more than twenty members. Specifies the backgrounds of such advisory committee members.
Section 3. Amends the State Finance Law by adding a new section 99-u. Creates a fund in the joint custody of the Comptroller and the Superintendent of Banks to provide monies to the Financial Exploitation, Outreach, Education and Training Program.
Section 4. Effective date.
EXISTING LAW: None
JUSTIFICATION: Elderly Americans are often the victims of financial abuse. This abuse can come in many different forms, but some common forms of elder financial abuse are forging an elderly person's signature, coercing an elderly person into signing a deed, will or power-of-attorney form, or using an elderly person's property or possessions without their permission. Perpetrators of elderly financial abuse are often unethical businessmen, unscrupulous individuals posing as financial advisors, or even members of an elderly person's family.
The elderly are often an attractive target for a number of reasons. Elderly Americans control over 70% of the nation's wealth, and many seniors do not realize the value of their assets. On top of that, many elderly Americans don't know what action they can take when they are the victims of a financial abuse.
In New York State, the financial abuse of the elderly is a serious problem. According to data released in November, 2010 during a statewide summit on elder abuse in New York convened by Lifespan of Greater Rochester, a self- reported prevalence study indicated that the highest rate of mistreatment (41 per 1,000 elders surveyed) occurred for major
financial exploitation (theft of money or property, using items without permission, impersonation to get access, forcing or misleading to get items such as money, bank cards, accounts, power of attorney.)
This legislation will ensure that elderly New Yorkers receive the education and training they need to ensure they are not victims of elder financial abuse.
PRIOR LEGISLATIVE HISTORY: 2012: S.956A - Amended and Recommitted to Banks/A.4045A - Amended and Recommitted to Aging 2011 S.956 - Discharged from Aging and Committed to Banks/A.4045 Referred to Aging. 2010 S.4990A - Reported and Committed to Finance/A.4743-A - Amended on Third Reading Calendar 2009 S.4990 - Died on Third Reading/A.4743 - Passed Assembly
FISCAL IMPLICATIONS: To be determined.
EFFECTIVE DATE: Ninety (90) days after it shall have become a law.
STATE OF NEW YORK ________________________________________________________________________ 143 2013-2014 Regular Sessions IN SENATE (PREFILED) January 9, 2013 ___________Introduced by Sen. DIAZ -- read twice and ordered printed, and when printed to be committed to the Committee on Aging AN ACT to amend the elder law, in relation to financial exploitation of the elderly and to amend the state finance law, in relation to creat- ing the financial exploitation outreach, education and training fund THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 202 of the elder law is amended by adding a new subdivision 16 to read as follows: 16. TO CONDUCT AN OUTREACH, EDUCATION AND TRAINING PROGRAM FOR FINAN- CIAL INSTITUTIONS AS DEFINED IN SUBDIVISION SIX OF SECTION 470.00 OF THE PENAL LAW. S 2. The elder law is amended by adding a new section 219-a to read as follows: S 219-A. FINANCIAL EXPLOITATION, OUTREACH, EDUCATION AND TRAINING PROGRAM. 1. DEFINITIONS. FOR THE PURPOSES OF THIS SECTION, THE TERM "DESIGNATED AGENCY" SHALL HAVE THE MEANING ASCRIBED TO IT UNDER SECTION TWO HUNDRED FOURTEEN OF THIS TITLE AND "FINANCIAL INSTITUTION" SHALL HAVE THE MEANING ASCRIBED TO IT IN SUBDIVISION SIX OF SECTION 470.00 OF THE PENAL LAW. 2. THE DIRECTOR, WITHIN THE AMOUNTS APPROPRIATED THEREFOR, SHALL, IN CONJUNCTION WITH THE OFFICE OF CHILDREN AND FAMILY SERVICES AND THE BANKING DEPARTMENT, ESTABLISH A FINANCIAL EXPLOITATION OUTREACH, EDUCA- TION AND TRAINING PROGRAM, HEREINAFTER REFERRED TO AS "THE PROGRAM" FOR THE PURPOSE OF PROVIDING AN EDUCATION, OUTREACH AND TRAINING PROGRAM TO FINANCIAL INSTITUTIONS, TO CERTIFIED PUBLIC ACCOUNTANTS LICENSED IN THIS STATE, TO ANY PREPARER OF TAXES OPERATING IN THIS STATE AND TO ATTORNEYS LICENSED IN THIS STATE. THE PROGRAM SHALL BE A VOLUNTARY PROGRAM. THE DIRECTOR, IN CONJUNCTION WITH THE OFFICE OF CHILDREN AND FAMILY SERVICES AND THE BANKING DEPARTMENT, SHALL COORDINATE ACTIVITIES TO IDENTIFY ANDEXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01012-01-3 S. 143 2
PROVIDE TRAINING TO THE INSTITUTIONS AND INDIVIDUALS DESCRIBED IN THIS SECTION. 3. (A) AS PART OF THE PROGRAM, THE DIRECTOR MAY AWARD GRANTS TO QUALI- FIED DESIGNATED AGENCIES TO ESTABLISH LOCAL ELDERLY EXPLOITATION OUTREACH, EDUCATION AND TRAINING PROGRAMS. QUALIFIED DESIGNATED AGENCIES SHALL WORK COLLABORATIVELY WITH SUCH INSTITUTIONS AND INDIVIDUALS, AND THEIR REPRESENTATIVE ASSOCIATIONS. (B) IN MAKING SUCH GRANTS, THE DIRECTOR SHALL CONSIDER: (1) THE MANNER IN WHICH THE DESIGNATED AGENCY PROPOSES TO PROVIDE SUCH EDUCATION, OUTREACH AND TRAINING; (2) THE CAPACITY OF THE DESIGNATED AGENCY TO COORDINATE ITS SERVICES WITH BANKING, HUMAN SERVICE AND LAW ENFORCEMENT AND PUBLIC AGENCIES WHICH PROVIDE SERVICES OR ASSISTANCE TO THE ELDERLY, INCLUDING THE LOCAL DEPARTMENT OF SOCIAL SERVICES ADULT PROTECTIVE SERVICES UNIT; AND (3) ANY OTHER CRITERIA DETERMINED BY THE DIRECTOR TO BE APPROPRIATE. 4. THE PROGRAM SHALL, AT A MINIMUM, CONSIST OF THE FOLLOWING ELEMENTS WHICH SHALL BE PROVIDED BY THE OFFICE: (A) EDUCATIONAL AND INFORMATIONAL MATERIALS IN PRINT, AUDIO, VISUAL, ELECTRONIC OR OTHER MEDIA; (B) PUBLIC SERVICE ANNOUNCEMENTS, ADVERTISEMENTS, MEDIA CAMPAIGNS, WORKSHOPS, MASS MAILINGS, CONFERENCES OR PRESENTATIONS; AND (C) INSTRUCTIONS ON HOW TO REPORT KNOWN OR SUSPECTED INCIDENTS OF FINANCIAL EXPLOITATION OF THE ELDERLY, INCLUDING THE APPROPRIATE TELE- PHONE NUMBERS TO CALL AND THE TYPES OF INFORMATION THAT WOULD ASSIST THE OFFICE WITH ITS INVESTIGATION OF SUCH REPORTS. 5. THE DIRECTOR SHALL CONVENE AN ADVISORY COMMITTEE MADE UP OF AT LEAST TEN, BUT NO MORE THAN TWENTY MEMBERS TO ADVISE THE DIRECTOR AND MAKE RECOMMENDATIONS ON THE ASPECTS OF DEVELOPING AND IMPLEMENTING THE PROGRAM. MEMBERS OF THE ADVISORY COMMITTEE SHALL INCLUDE, BUT NOT BE LIMITED TO: AT LEAST THREE REPRESENTATIVES FROM STATEWIDE SENIOR ADVOCA- CY ORGANIZATIONS, AT LEAST ONE ATTORNEY WHOSE PRACTICE CONCENTRATES IN ELDER LAW OR AN INDIVIDUAL ACTING ON BEHALF OF THE ELDER LAW SECTION OF THE NEW YORK STATE BAR ASSOCIATION, AT LEAST ONE BANKER OR A REPRESEN- TATIVE OF AN ASSOCIATION REPRESENTING BANKERS, AT LEAST ONE CERTIFIED PUBLIC ACCOUNTANT OR A REPRESENTATIVE OF AN ASSOCIATION REPRESENTING CERTIFIED PUBLIC ACCOUNTANTS, AT LEAST TWO MEMBERS REPRESENTING PROTEC- TIVE SERVICE AGENCIES FOR ADULTS, AND AT LEAST TWO LAW ENFORCEMENT REPRESENTATIVES. S 3. The state finance law is amended by adding a new section 99-u to read as follows: S 99-U. FINANCIAL EXPLOITATION, OUTREACH, EDUCATION AND TRAINING FUND. 1. THERE IS HEREBY ESTABLISHED IN THE JOINT CUSTODY OF THE COMPTROLLER AND THE SUPERINTENDENT OF BANKS A SPECIAL REVENUE FUND TO BE KNOWN AS THE FINANCIAL EXPLOITATION, OUTREACH, EDUCATION AND TRAINING FUND. 2. THE FINANCIAL EXPLOITATION, OUTREACH, EDUCATION AND TRAINING FUND SHALL CONSIST OF ALL MONEYS, APPROPRIATED THERETO, AND ALL OTHER FEES, FINES, GRANTS, BEQUESTS OR OTHER MONIES CREDITED OR TRANSFERRED THERETO FROM ANY OTHER FUND OR SOURCE. 3. THE MONEYS OF THE FINANCIAL EXPLOITATION, OUTREACH, EDUCATION AND TRAINING FUND SHALL BE DISBURSED BY THE COMPTROLLER TO THE STATE OFFICE FOR THE AGING FOR THE PURPOSE OF CARRYING OUT THE PROVISIONS OF SECTIONS TWO HUNDRED NINETEEN AND TWO HUNDRED NINETEEN-A OF THE ELDER LAW. S 4. This act shall take effect on the ninetieth day after it shall have become a law.